Before the Bitfinex Hack, Bitcoin Was Projected to Rise
Could ETC be a shelter from losses?
By Jared Willis
It is posited that the successful hack of Bitfinex amplified the already existing decline of Bitcoins:
See the article here:
However, this article (http://goo.gl/GKE1Bd) written yesterday has a great analyzation of some of the market indicators that led to the decline over the weekend, and estimated that Bitcoin would climb to $820.
It will be interesting over the next week to see what happens with the most prominent cryptocurrency.
Another interesting conversation is the one surrounding a hard fork. A proposal that, over the last 24 hours, has seen renewed traction. This discussion is likely prompted by the Ethereum hard fork last week (my money, quite literally, is on ETC). Here are a few articles within the last day have addressed the topic: http://goo.gl/A5UPdY
In the meantime, adventurous Bitcoin holders can find temporary solace in Ethereum Classic (ETC). No, this is not an advertisement for ETC, though - as mentioned before - I do have a personal investment in ETC. This is based on the fact that, while every other cryptocurrency has declined in relation to USD, ETC has remained stable. Not only has it remained stable, but over the last 4 days has more than doubled in value. Is this growth sustainable? Maybe not, but some analysts (http://goo.gl/ghnvkx) seem to think it will continue to grow and even double again. It certainly is interesting to see an altcoin that does not seem to be dependent on BTC for market value. One can only wonder what will happen when/if BTC makes a comeback.
Let me know what you think in the comments!
The biggest thing speaking for ETC right now is its ever rising hash rate (and ETH's falling). As the coin is the most profitable mine it will be hard to stop, on top of that there is money from the hack flying around, which will push the price up further. Unless a 51% attack is lurking within that... But does it it have the same talent and brain power behind it as ETH, no, not at all. What caused this situation is the hubris found in some part of the Ethereum foundation and people close to the project. Cryptocurrencies spawned from the idea of freedom.
I think ETH will start to correct itself soon though. We're only about a week out from the hard fork and the dust still hasn't cleared. It will definitely be fun to watch!
ETC is a risky proposition that could crash just as quickly as it has risen. With an anonymous group behind it, nobody truely knows their intentions. Also I see businesses reluctant to adopt it due to its ethically questionable origins. I could be wrong though...who knows
I completely agree, my point is that right now it seems to be the only safe shelter from the BTC crash. I personally plan on converting back to BTC as soon as there is sign of things going back to normal.
I don't consider it safe shelter at all. I feel a dump is coming soon.
It could be, but ETC also could disappear tomorrow and that wouldn't surprise many people. There is no one serious working on ETC development, is there? Big pump for little reason usually means a big dump. If you want something safe, there's nothing safe in crypto. If you want something that's the best bet out there, go with Steem Power.
I agree with that! That's what makes me so excited about this platform. My point in the article is just that, for the present, it seems like the only way to hedge against the BTC crash. I suppose you could just cash out to USD, but at this point, you would be cashing out at a loss. I think the safest bet for those that are vested in ETC is to convert back to BTC as soon as there are signs of the market stabilizing again.
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Thanks!
Thank you!